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Make cash from your used vehicle

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Dec 19, 2013

There are many reasons why some people decides to sell their vehicles. May be because of the emergency case, get bored with the old vehicles and wanted a new one, or may be because another more important priority. However, either way it's an opportunity. If you are selling your own car then there are few very good ways to sell it at a good price. Similarly, if you are planning to start a business to sell used car you can also apply few of these strategies to get better result. 

Here are some tips on how to get more cash for your used vehicle.

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1. Pimp up your ride

Clean up your vehicle to make it more attractive to your potential buyers. Cleaning the floor mats, removing the engine grease and scratches could help to increase the car value. There are even some companies provide a full cleaning service that could make your car look new inside and outside, for example: Ace Car Wash and Service Center. Making sure that your car looks good, taken care of and maintained well, will help to convince the nervous buyers. Showing the maintenance record is a convincing factor as well.

2. Know the right price

Value the car according to the current price and be realistic about its condition, including interior condition and any exterior damage.

3. Decide how to sell it?

In general, there are few ways to sell your car:

- Trading. In this case, basically, you want to sell your car and buy another car. In other words, you drive in with old car and drive away in a new car.

- Direct sale. You just want to sell your car without buying another car. This way is easier than trading, as you separate the sale of your old car and buying the new car which simplified the negotiation.

- Dealer consignment, for some commission, a dealer may handle the sale of your car for a price that you have determined before.

- Direct sale to an individual. This option might give you higher price but it requires more effort and time. The traditional method to do this is by putting a sign “For Sale” to the windows or by posting an advertisement in the classified section in the local newspaper. However, to reach a bigger audience, the internet could be an alternative, for example an ad in Carmudi Bangladesh, a vehicle online market that have just launched in Bangladesh where the seller and the buyer could advertise their vehicle and make the transactions offline. And that brings us to the next tips: Make a good photo of your vehicle and make sure that the photos really represent the actual condition of the car.

4. Have a smart transaction

Prepare the receipt of the transactions which mention the details about your vehicle such as: the year, brand, model, purchase price, the date, your name and the buyer´s name. Seller and buyer should sign and keep the copy of receipt. Lastly, make sure that you do the paper work for legal entities, such as transferring the name of the car`s ownership.

Image: cnettv.cnet.com/oncars


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Ibrahim works as an Intern at FS. He takes interviews, writes features, and meets entrepreneurs and makers and doers.

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